WFW advises CIP on €380m wind farm project financing

Watson Farley & Williams has advised Copenhagen Infrastructure Partners (CIP) on a €380 million wind farm portfolio financing and Europe’s largest onshore wind PPA

The twelve wind farms of the Monegros portfolio are located in Aragon, with a total capacity of 487 MW. The transaction closed on July 3, 2020, and involved ABN Amro, Bankia, Bankinter, BBVA, Banco Sabadell and Unicredit as financial entities.

Additionally, WFW has advised CIP on the structuring, negotiation and signing of a long-term clean power purchase agreement (PPA). The PPA, which closed at the beginning of 2020, represents the supply of 12 TWh of renewable electricity over the next 10 years. This is the largest onshore wind PPA signed in Europe to date. The wind farms, which are under construction, will be connected to the grid over the next 12 months. They are expected to generate enough renewable power to provide for approx. 430,000 Spanish households.

Previously, WFW advised CIP on the acquisition of the Monegros portfolio from Forestalia Renovables and has provided Tax support in relation to both the financing and the acquisition.

The WFW Madrid Energy team advising CIP was led by Regulatory partner David Diez (pictured top left), Finance partner Jose María Anarte (pictured bottom left), head of Madrid office and Corporate partner María Pilar García Guijarro (pictured top right) and Tax partner Luis Soto (pictured bottom right). They were supported by Regulatory senior associate Lidia Fernández, Finance associate María Echániz, Corporate senior associate Javier Ruffin and Tax associate Javier Gabiña, among others.